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The New Era of Dynamic Pricing: Synergizing Supervised Learning and Quadratic Programming
Feb. 26, 2024, 5:42 a.m. | Gustavo Bramao, Ilia Tarygin
cs.LG updates on arXiv.org arxiv.org
Abstract: In this paper, we explore a novel combination of supervised learning and quadratic programming to refine dynamic pricing models in the car rental industry. We utilize dynamic modeling of price elasticity, informed by ordinary least squares (OLS) metrics such as p-values, homoscedasticity, error normality. These metrics, when their underlying assumptions hold, are integral in guiding a quadratic programming agent. The program is tasked with optimizing margin for a given finite set target.
abstract arxiv car combination cs.lg dynamic dynamic pricing elasticity error explore homoscedasticity industry least math.oc metrics modeling novel ols ordinary paper price pricing programming refine rental squares supervised learning type values
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